NEW YORK--(BUSINESS WIRE)--Rouse Properties, Inc. (NYSE:RSE), a national owner and operator of regional enclosed malls, today announced extensive plans to transform its NewPark Mall located in Newark, Calif., into one of the East Bay’s leading retail, entertainment and dining destinations.
“Our repositioning of NewPark will create the East Bay’s premier retail, dining and entertainment experience and will significantly strengthen the mall’s competitive position in the market. NewPark enjoys a prime location along the heavily traveled I-880, in a strong and growing trade area, and is complemented by an attractive lineup of existing tenants” said Andrew Silberfein, president and chief executive officer of Rouse Properties. “With strong demand from leading national retailers for a flagship presence in this market, we are confident our planned improvements will make NewPark the East Bay’s go-to destination to shop, socialize, dine or enjoy a movie.”
Rouse has executed leases for 140,000 square feet with leading restaurant and entertainment tenants, including a 12-screen AMC Theatres® location featuring both IMAX® and AMC Prime auditoriums. The 55,000 square foot theatre will also feature stadium seating with plush power recliners and will serve a wide variety of delectable food and drink options. Toby Keith’s I Love This Bar & Grill, the country-western music themed restaurant, and John’s Incredible Pizza will also be key attractions as part of the new entertainment promenade. All three of these leading destination tenants will be accessible from the Mall’s interior and through its exterior entrances. The building improvements, new enhanced entrances, new tenants’ trade dress and bold signage will create dramatic site lines from the adjacent high-traffic I-880 freeway.
The second key part of the redevelopment is the proposed Restaurant Pavilion, which involves the reconfiguration of the south facing side of the Mall. This will create unique glass enclosed new exterior facing restaurant spaces with exterior patios on both levels. The main entrance and gathering area will be reconfigured and expanded. Plans include the addition of a dramatic glass entrance providing site lines through the Mall’s center court to the entertainment venues on the north side of the Mall. New vertical transportation will activate the upper level and improve the accessibility for the retail and entertainment tenants.
In addition, Rouse plans a substantial interior renovation of the Mall to enhance the overall shopping and social environment in keeping with the trade area’s affluent and tech oriented customers, including new flooring, upgraded lighting and amenities and a modernized food hall/court.
Mayor Alan Nagy of Newark, CA added, “We are excited to collaborate with Rouse Properties on the revitalization of NewPark Mall to create a thriving retail center that will yield great benefits for the City of Newark and better serve the shopping, dining and entertainment needs of the local community.”
The strategic repositioning of NewPark is part of Rouse’s ongoing effort to create an exceptional shopping experience at its malls, which includes strategic and cosmetic investments that create added value for shoppers, retailers and the local communities where its malls are located.
The 1.1 million square foot NewPark Mall is home to more than 150 specialty stores including Macy’s, Coach, Hollister, The Body Shop, Victoria’s Secret, New York & Co., Forever 21 and the Disney Store. The center also features more than 20 casual-dine and fast-casual restaurants.
To finance the revitalization of NewPark, Rouse and the City of Newark entered into an Economic Incentive Agreement in support of Rouse’s redevelopment plans which are intended to attract high-quality, new-to-market tenants. Under the agreement, Rouse will be reimbursed for a portion of its capital costs through a share in increased sales tax revenues.
Rouse Properties is collaborating with Berkeley’s award-winning E|L|S Architecture and Urban Design on the project. ELS is well regarded as a leader in retail and mixed-use design, having worked on the renovations of Stanford Shopping Center in Palo Alto, Eastridge Mall in San Jose, Pioneer Place in Portland, Oregon and Glendale Galleria in Southern California.
Construction is expected to commence by summer 2014. NewPark Mall and its retailers will remain open for business throughout the duration of the project.
About Rouse Properties
Rouse is a publicly traded real estate investment trust headquartered in New York City and was founded on a legacy of innovation and creativity. Among the country's largest publicly traded regional mall owners, the Company's geographically diverse portfolio spans the United States from coast to coast, and includes 34 malls in 21 states encompassing over 23.5 million square feet of retail space. For more information, visit www.rouseproperties.com.